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Well, this is funny. Citi has plotted the last 19 August NFP prints in a kind of visual preview for Friday biggest jobs number ever (until the next one). We’re not sure if they’re trying to send a message with the Microsoft Paint additions in red: (Chart: Citi) Here’s their point: “We note the ‘dots’…
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On of the key themes of late is the extent to which the policy divergence between the Fed and the ECB/BoJ are putting a bid under US paper. As we showed you last week, Y/Y growth in the foreign demand for US corporate paper is growing at a double-digit pace and by Wells’ estimates foreigners now…
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Earlier today we said the following regarding the Fed and “optionality”: “It’s all just a matter of counter cyclical breathing room. What’s becoming quite clear as we plunge ever deeper into the Keynesian rabbit hole is that zero really is the “lower bound.” These policies have literally stopped working altogether. In fact, as we’ve shown…
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The relentless hunt for yield continues unabated and it can’t even be hedged anymore when it comes to US government paper thanks to a worsening dollar crunch. So what is one to do? Well, dive into USD corporate paper of course: From Wells: “Alongside this rapid expansion of the corporate market, the investor base has…
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There are major concerns across markets about demographics. Not the least of which emanate from Japan. But do you know how you “correct” the problem? Well by expanding credit of course. From Citi’s Matt King: Debt folks. Debt. That’s the solution to everything. But what happens to that dynamic when lenders are getting negative…
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Notable Bloomberg News

*WIKILEAKS RELEASES REPORTED CLINTON/GOLDMAN SACHS TRANSCRIPTS

*Syria Talks End Without Result; Lavrov Says Resolution Discussed

*FED'S DUDLEY SAYS HE EXPECTS A RATE RISE THIS YEAR

*Fed Chair Janet Yellen said that “an accommodative monetary stance, if maintained too long, could have costs that exceed the benefits” by increasing the risk of financial instability or undermining price stability.